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Notes to Accounts of La Tim Metal & Industries Ltd.

Mar 31, 2015

1 Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proprosed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

2 Segment Reporting

The Company is mainly engaged in the business of manufacturing of Steel. Considering the nature of business and financial reporting of the Company, the Company has only one segment.

3 Related Party Disclosures

A Enterprise over which Key Managerial Personnel are able to exercise significant influence.

I Latim Investments & Finance Co.

II Latim Lifestyle & Resorts Ltd.

B Other Related Parties with whom the company had transactions during the year

Key Management Personnel Ramesh Khanna Rahul Timbadia Parth Timbadia Kartik Timbadia Ashok Kumar Deorah Praful Vora

4 Balances Shown Under Sundry Debtors And Advances

Balances shown under Sundry Debtors, Advances, some of the Sundry Creditors are subject to confirmation/ reconciliation and consequential adjustment, if any. However the company has been sending letters for confirmation to these parties. In the opinion of management, the value of Sundry Debtors, Advances, Sundry Creditors on realization/ payment in the ordinary course of business, will not be less/ more than the value at which these balances are stated in the Balance Sheet.

5 Previous Year Figures

The Company has regrouped/ reclassified the previous year figures in accordance with the requirements applicable in the current year.

5 Exceptional Items

Exceptional Item include Differential Sales Tax Liability of Earlier Year's as determined by Maharashtra Sales Tax Tribunal


Mar 31, 2014

1. Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Note 2: There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

Note 3 Segment Reporting

The Company is mainly engaged in the business of manufacturing of Steel. Considering the nature of business and financial reporting of the Company, the Company has only one segments viz; Sale of Steel in the current financial year company has not booked any sales.

Note 4 Merger Scheme

The Board of Directors of the Company at its meeting held on December 31,2013, inter alia, have approved a Scheme of Amalgamation and Arrangement of La Tim Sourcing [India] Private Limited with LATIM METAL & INDUSTRIES LIMITED (Formerly Known as Drillco Metal Carbides Limited) ["the Company"] pursuant to the provisions of Sections 391 to 394 read with Sections 78,100 to 104 and other applicable provisions of The Companies Act, 1956 and/or as amended and as may be modified or re-enacted with The Companies Act, 2013 (The Act) as per the terms and conditions mentioned in the Scheme placed before the Board. As on Balance Sheet Date this scheme is pending for approval from High Court.

Note 5 Contingent Liabilities

Contingent Liabilities - Disputed Sales Tax Laibility - Rs. 153.84 Lakhs

Note 6 Balances Shown Under Sundry Debtors And Advances

Balances shown under Sundry Debtors, Advances, some of the Sundry Creditors are subject to confirmation/reconciliation and consequential adjustment, if any. However the company has been sending letters for confirmation to these parties. In the opinion of management, the value of Sundry Debtors, Advances, Sundry Creditors on realization/payment in the ordinary course of business, will not be less/ more than the value at which these balances are stated in the Balance Sheet.

Note 7 The company have not received any earnings nor paid any expenditure in Foreign Exchange during the current as well as the previous year.

Note 8 Previous Year Figures

The Company has regrouped/ reclassified the previous year figures in accordance with the requirements applicable in the current year.


Mar 31, 2013

1. The Company did not carry out any business activity during the year.

2. The Financial Statements are prepared under the historical cost convention, except for certain fixed assets which are revalued in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956.

3. Fixed Assets are stated at cost net of recoverable taxes and includes amounts added on revaluation, less accumulated depreciation and impairment loss, if any.

4. Intangible Assets are stated at cost of acquisition net of recoverable taxes less accumulated amortization/depletion.

5. Depreciation on Fixed Assets is provided to the extent of depreciable amount on written down value method (WDV) at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

6. The company due to the prevailing circumstances about its business activities has not formulated accounting policies, exceptstated above.

7. Contingent Liabilities-Disputed Sales Tax Liability-Rs.153.84 Lakhs.

8. Exceptional items shown in the Financial Statements pertains to Re-instatement fees paid to Bombay Stock Exchange Ltd. towards revocation of suspension in Trading of its Equity Shares.


Mar 31, 2012

1. The Company did not carry out any business activity during the year.

2. The Financial Statements are prepared under the historical cost convention, except for certain fixed assets which are revalued in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956.

3. Fixed Assets are stated at cost net of recoverable taxes and includes amounts added on revaluation, less accumulated depreciation and impairment loss, if any.

4. Intangible Assets are stated at cost of acquisition net of recoverable taxes less accumulated amortization/depletion.

5. Depreciation on Fixed Assets is provided to the extent of depreciable amount on written down value method (WDV) at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

6. The company due to the prevailing circumstances about its business activities has not formulated accounting policies, except stated above.


Mar 31, 2011

1. The Company did not carryout any business activity during the year.

2. The Company had revalued its Leasehold Land and Buildings on 30th September 1998. The resultant balance appreciation of Rs.170.12 Lakhs stands credited to the Revaluation Reserve Account.


Mar 31, 2010

1. The One Time Settlement offered by the financial institutions in March 1999 has not yet been effected in full except for. However, no provision has been made for interest on the said borrowings.

2. Accounting policies were the same as in previous years and consistent with generally accepted practices.

3. In view of the non-availability of the subject records, no provision has been made for Gratuity, Provident Fund, Sales Tax and Income Tax, if applicable.



 
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